Fix and flip exit strategy

[Shannon Dennis]

Hello,

December of 2021 I purchased another fix and flip. It is complete and market ready.
unfortunately the flood insurance is so expensive that is puts all the interested buyers over what they can afford.

I’m reaching my 6 month mark 6/21. I’ve reached out to try an do a cash out refi.

A non qm lender approved me but the interest rate on the offer is 9.5%.

I want to reimburse myself soon as possible so I can free and clear my credit as I’ve used my personal lines of credit to purchase and pay for labor and it’s maxed out causing my credit to be a 660.

what’s my best exit strategy being that I didn’t factor in flood insurance before purchasing.

I am all for holding and renting the property. But the terms said in 5 years I’d only be done paid 5,000 towards the balance due to such a high interest rate.

I’m not in favor of the interest rate .

Any feedback would be greatly appreciated.